4 keys to leading for success

One of the most valuable lessons I have learned over the course of my career touches upon the pitfalls of perfectionism – a personal trait that I have grappled with since childhood. What I have come to understand and appreciate is if you’re going to rely on others to get things done, you have to give them some latitude. For me, giving others latitude means accepting that their approaches to success can and often do differ from mine, even when the business goals remain the same. I was able to gain this perspective by adopting the following disciplines.

First, empowering employees is crucial for leading productive and positive teams. In response to my earlier post on defining moments in my career, many of you commented on the importance of trust and respect between managers and employees. So, it came as no surprise to me when I read that nearly a quarter of American workers don’t trust their employers. In my experience, trust and respect emerge from empowerment. The right level of professional freedom encourages people to take pride in their work and continually hone their skills. It also fosters accountability when an employee’s performance is mapped to business outcomes.

Second, by observing and asking questions, rather than directing, you can gain a better understanding of and appreciation for your employees’ styles and strengths. What needs to be accomplished? What barriers do you foresee? How did you arrive at this conclusion? What are your next steps? Invest in your employees’ development by challenging them to think critically. These insights can also inform your vision for the business.

Third, effective leaders are adept at negotiating the line between guidance and control. Focus on the “what” as opposed to the “how”. Guidance involves setting clear and definitive goals to be achieved, with the understanding that people may go about achieving them differently. The details of a specific project may not unfold the way you envisioned. When that happens, ask yourself whether it still works. Control, on the other hand, stifles growth; there is no room for error when it comes to results. Embracing new perspectives can enhance the team’s overarching strategy and ultimately lead to a more innovative business.

Fourth, all of this hinges on having the right people in place. Ninety percent of any senior role takes care of itself when the right staff is on board. So if you find yourself rewriting your employee’s report, as I once did, ask yourself why. Is it the employee, or is perfectionism beguiling you? If you don’t have the right people, you cannot work hard enough to make up for it and the entire team suffers. Great talent, on the other hand, improves upon the norm to exceed goals – and everyone benefits.

It has been my experience that it is important to relinquish some control and empower employees by giving them the opportunity to share their ideas and perspectives to achieve business objectives. The key is recognizing that there are many paths to the same destination, which is something I constantly strive to keep top of mind.

This article is published in collaboration with LinkedIn. Publication does not imply endorsement of views by the World Economic Forum.

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Author: Timothy J. Mayopoulos is the President and Chief Executive Officer at Fannie Mae.

Image: A  worker arrives at his office in the Canary Wharf business district in London February 26, 2014. REUTERS/Eddie Keogh.